Sequestration ( Bankruptcy )
Sequestration is the name given to Bankruptcy in Scotland
Sequestration occurs where a creditor successfully raises a court action against you to obtain money that you owe and have made little or no repayment.
Once sequestration is granted by the court you are appointed a licensed Insolvency Practitioner (an accountant) who administrates on behalf of you creditors to recover any assets to repay all or part of the debt. These assets could include a house, car, valuable goods, investments etc.
Note: By contacting us immediately when you are served with any court papers we may be able to stop you losing your assets or even going bankrupt.
Warning: Once a court serves a sequestration order naming you and the effective date it cannot be over turned or unfortunately any of the repercussions towards the selling of any required assets.
Low Income Low Assets (LILA)
In Scotland you can now apply for your own bankruptcy where you have low or no income, i.e. (£228 per week gross or less) The calculation dose not take into account any state benefits you may receive).You must also have no assets. You need a fee of £100 (up front) for the application and to apply can down load the forms from the internet from Income and Bankruptcy Scotland or ask you local Citizen’s Advice or Money Advice Agency for their administration assistance.
| Advantages | |
| • | You are normally discharged from your debts after one year, although you may be still making a contribution to you Insolvency Practitioner for up to a total of three years. |
| • | You will not have to make any further contribution to your creditors regardless of the debts after the three years have elapsed. |
| • | Once you have been declared bankrupt, your creditors cannot pursue you or take any legal action against you. |
| • | Income from any state benefits or pension funds will not be included as income in any debt repayment calculation. |
| Disadvantages | |
| • | Your credit rating to enable you to take out a mortgage, obtain a credit card, or open a new bank account will be effected for at least six years. |
| • | You assets may be sold including your car and home to repay you creditors. |
| • | You bankruptcy will be noted publicly. |
We offer help on Bankruptcy throughout the whole of Scotland covering all areas of Glasgow through to Hamilton, Motherwell, Coatbridge, Irvine and Ayrshire. We are also available in Aberdeen, Dundee, Falkirk and Stirling. First Debt Advice Scotland have meeting sites throughout Scotland, or can arrange a home visit.
Just pick up the phone Text you Name to 07786 522 831 call our helpline on
0141 447 0290 or fill in our Enquiry Form and make the first step towards freeing yourself from debt.
 |
 |
| Company Registration Number SC367292 Credit consumer Licence Number 0635621 Monday to Thursday: 9.30am - 8pm | Friday:9.30am -5pm |
